SYRACUSE — KeyBank plans to close its branch on Butternut Street in Syracuse later this month.
The bank sent letters to customers notifying them of the closing in August. The branch will close Sept. 28.
No employees will lose their jobs as a result of the move, according to Key. The Post-Standard first reported the closing Monday.
Key announced plans earlier this year to shutter as much as 5 percent of its nationwide branch network over 18 months. The president of Key’s Central New York district, Stephen Fournier, said at the time the closures would probably have an incremental impact locally.
The bank is currently adding a new branch in Manlius, he added.
The branch closures are part of a broader effort at KeyCorp (NYSE: KEY) to save the banking company $150 million to $200 million in expenses by the end of 2013. The company announced the initiative when it released its second-quarter earnings on July 19.
Based in Cleveland, Key has more than 1,000 branches in 14 states and assets of more than $87 billion.
KeyBank is number two in the Syracuse–area deposit market with 28 branch offices, more than $1.7 billion in deposits, and a market share of more than 16 percent. In the Utica–Rome area, Key has two branches, more than $64.4 million in deposits, and a deposit market share of more than 1.7 percent, according to the latest statistics from the Federal Deposit Insurance Corp.
Contact Tampone at ktampone@cnybj.com